American Express has launched its Blue Card, the first local currency-denominated credit card in the Middle East region, reported the Gulf News on Monday.

Denominated in dirhams, the card is aimed at the younger customer and, according to American Express, the launch marks a major milestone in its presence in the region.

The main feature is the "MoneyBack" facility in which 1 percent of the total annual spending is returned as a credit reward for the following year, said the paper.

Blue Card also offers members a discounted introductory interest rate of 1 percent for the first six months and gradually rising to 1.95 percent.

"Blue is about lifestyle. It is the card for the person who works to live, not lives to work. Everything about the card, from its futuristic design to its 1 percent MoneyBack reward scheme, is aimed at card members who rely on modern financial tools to keep with their demanding lifestyles," said Rasool Hujair, American Express' UAE country manager – Albawaba.com